Redefinition of the requirements for operating as an independent adviser will place a greater burden on those seeking to adopt or retain the IFA label. As such, there is speculation that this could lead to a diminution of the number of IFAs in favour of the broadly-defined restricted alternative.
Data reveal most advisers have remained independent but business consultancy warns it may be hard to remain profitable.
Clients paying ongoing fees must be told “as soon as possible” if their adviser has become restricted.
Adviser referral website says firms are fine-tuning their propositions to appeal to appropriate clients.
Fallout from the RDR has provided ample opportunity for acquisitive advice firms, company MD believes.
Although changes could damage IFA business FSA’s redefinition does not reflect nature of business, advisers argue.
Trade body’s managing director Gill Cardy says her organisation is the only one left to represent independent advisers exclusively.
Analysis & Opinion
Transition to RDR: Biggest stumbling block was providers rather than client fee discussions, adviser argues.
Commentators claim we are moving to a “commoditised” adviser sector driving by ‘restricted’ distribution deals.
Providers and advisers must work together for the best outcome for the client, but how has their relationship changed? Aimee Steen investigates.
Regaultor publishes guidance consultation highlighting serious concerns.
Dundee-based IFA says move to fees will be through a “my way or the highway” approach.
Is the big-firm shift to restricted a cause for concern, and is restricted really restricted?
Advisers warn referring business to non-independent firms cold result in a conflict of interest for solicitors.
Law Society urges solicitors to “disregard the liberalisation of the handbook” and continue to only recommend IFAs.